Michael Seibel
About Michael Seibel
Michael Seibel (age 42) has served as an independent director of Reddit, Inc. since July 2020. He is a Group Partner at Y Combinator (since October 2014) and Managing Director of YC Early Stage (since October 2016). He previously served as CEO at Socialcam (2012) and Justin.tv/Twitch (2007–2011). Seibel holds a B.A. in Political Science from Yale University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Justin.tv (now Twitch) | Chief Executive Officer | Jun 2007–Oct 2011 | Led early live-video platform growth |
| Socialcam, Inc. | Chief Executive Officer | Feb 2012–Aug 2012 | Short-term leadership through strategic transition |
| Y Combinator | Group Partner | Oct 2014–Present | Early-stage investing/advising expertise |
| YC Early Stage | Managing Director | Oct 2016–Present | Scaled early-stage program leadership |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Dropbox, Inc. | Director | Nov 2020–Present | Not disclosed in proxy |
| Y Combinator | Group Partner | Oct 2014–Present | N/A (not a public board) |
| YC Early Stage | Managing Director | Oct 2016–Present | N/A |
Board Governance
- Committee assignments: Member, Nominating & Corporate Governance Committee (Chair: Steven O. Newhouse) .
- Independence: Board determined Seibel is independent under NYSE and SEC rules .
- Attendance: All directors attended at least 75% of Board and applicable committee meetings in 2024; Board met 7x; Nominating & Governance met 3x .
- Board leadership: Chair (David Habiger) and Vice Chair (Robert Sauerberg) are independent; Lead Independent Director not designated because the Chair is independent .
- Executive sessions: Non-employee directors meet in executive session at least twice per year .
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Annual cash retainer | $60,000 | Standard for non-employee directors per program |
| Committee member – Nominating & Governance | $7,500 | Member retainer; chair retainer is $15,000 |
| Actual 2024 fees earned (cash) | $52,271 | Prorated; reflects roles/tenure during the year |
| Independent Chair/Vice Chair/other committee fees | N/A for Seibel | Chair/Vice Chair/Audit/Comp fees specified; Seibel not listed as chair |
Performance Compensation
| Equity Component | Grant date | Shares/Value | Vesting | Notes |
|---|---|---|---|---|
| Annual Director RSU grant | Jun 9, 2025 (meeting date basis) | $250,000 equivalent | Vests by next annual meeting or 1-year anniversary | Based on 60-day average price; directors may defer |
| RSUs granted in 2024 | May 30, 2024 | 5,128 RSUs | Fully vest sooner of May 30, 2025 or 2025 Annual Meeting, subject to service | |
| Options outstanding (as of 12/31/2024) | — | 70,000 options | Terms per legacy grants | Listed in director table; exercisable/unexercisable held |
| RSU/Option change-in-control treatment | — | Full vesting of RSUs upon change in control | Subject to program terms | Director awards accelerate on change in control |
No director-specific performance metrics (e.g., revenue/EBITDA/TSR targets) are disclosed for non-employee director compensation; equity is time-based and oriented to alignment and retention .
Other Directorships & Interlocks
| Company | Relationship to RDDT | Potential Interlock/Conflict |
|---|---|---|
| Dropbox, Inc. (public) | External board | No RDDT-related transaction disclosed in proxy; no interlock identified – |
| Y Combinator/YC Early Stage (private) | Employment | No RDDT-related transaction disclosed in proxy – |
Compensation & Talent Committee interlocks: None disclosed involving Reddit’s executives or committee members; no member (including those serving in 2024) has served as an officer of Reddit .
Expertise & Qualifications
- Technology founder/operator (Justin.tv/Twitch; Socialcam), early-stage investing and portfolio advising expertise via Y Combinator .
- Board experience at Dropbox with exposure to consumer/cloud software governance .
- Qualifications cited by RDDT: extensive leadership experience and deep knowledge of technology companies and investing/advising .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (Class A) | 75,232 shares | Less than 1% of Class A; per beneficial ownership table |
| Options exercisable within 60 days (Class A) | 70,000 | Footnote confirms exercisability window |
| Unvested RSUs (as of 12/31/2024) | 5,128 | Granted 5/30/2024; vest by the 2025 meeting/anniversary |
| Hedging/pledging policy | Hedging and pledging prohibited | Insider Trading Policy bans hedging and pledging |
| Director ownership guidelines | 5x board retainer ($300,000) | Compliance required by 12/31/2029 for directors serving as of 3/20/2024 |
| Section 16 compliance | Late Form 4 due to administrative error (conversion reported 7/30/2024 for 5/24/2024) | Company disclosure notes the late filing for Seibel |
Insider Trades (Form 4 – more current than proxy)
| Filing Date | Transaction Date | Type | Quantity | Price | Post-Txn Ownership | Security | Citation |
|---|---|---|---|---|---|---|---|
| 2024-05-22 | 2024-05-20 | Award (RSU) | 5,128 | $0.00 | 5,128 | Class A | |
| 2024-07-30 | 2024-05-24 | Conversion | 31,697 | $0.00 | 31,697 (A) / 0 (B) | Class A/Class B | |
| 2024-11-05 | 2024-11-01 | Option exercise | 50,000 | $7.92 | 70,000 (options listed) | Options | |
| 2024-11-05 | 2024-11-01 | Sale | 45,994 | $111.22 | 9,134 | Class A | |
| 2024-11-05 | 2024-11-01 | Sale | 4,006 | $111.84 | 5,128 | Class A | |
| 2024-11-05 | 2024-11-01 | Sale (indirect) | 27,897 | $111.26 | 3,800 (indirect) | Class A | |
| 2024-11-05 | 2024-11-01 | Sale (indirect) | 3,800 | $112.09 | 0 (indirect) | Class A | |
| 2025-06-11 | 2025-06-09 | Award (RSU) | 2,285 | $0.00 | 7,517 | Class A | |
| 2025-07-08 | 2025-07-05 | Award | 144 | $0.00 | 7,661 | Class A | |
| 2025-10-02 | 2025-09-30 | Gift | 4,300 | $0.00 | 3,361 | Class A | |
| 2025-10-07 | 2025-10-05 | Award | 79 | $0.00 | 3,440 | Class A |
Notes: Quantities and post-transaction holdings reflect SEC Form 4 disclosures and the “securitiesOwned” fields within each filing .
Governance Assessment
- Board effectiveness: Seibel adds founder/operator and venture-investing expertise; as a Nominating & Governance Committee member, he contributes to director selection, governance guidelines, and board/committee evaluations—areas explicitly under that committee’s remit . Independence and attendance metrics support engagement quality .
- Alignment and incentives: Director compensation mix balances cash retainers with annual RSUs; stock ownership guidelines require $300,000 minimum holdings by 2029 for incumbent non-employee directors, and insider policies prohibit hedging/pledging—positive alignment signals .
- Other directorships/interlocks: Dropbox board role and YC positions are disclosed; no related-party transactions involving Seibel are reported in the proxy’s related-party section, and Compensation Committee interlocks are explicitly negated—low apparent conflict exposure –.
- Risk indicators and red flags:
- Administrative late Form 4 (conversion reported 7/30/2024 for 5/24/2024) noted by the company—generally a process control issue rather than substantive misconduct, but worth monitoring for filing controls .
- Controlled company dynamics: Reddit is eligible to be a “controlled company,” with Advance retaining significant governance rights (including committee representation except Audit and approval rights over major actions), though Reddit voluntarily maintains a majority-independent board and independent committees—investors should monitor potential influence from Advance despite current structures –.
- Liquidity transactions: Significant November 2024 option exercise and related open-market sales were disclosed; while common post-IPO, monitoring ongoing sales vs. ownership guideline progress is prudent .
Director Compensation (Detail – 2024)
| Metric | 2024 |
|---|---|
| Fees Earned or Paid in Cash ($) | $52,271 |
| Stock Awards ($) | $295,578 |
| Total ($) | $347,849 |
| Unvested RSUs at 12/31/2024 (#) | 5,128 |
| Unexercised Options Held at 12/31/2024 (#) | 70,000 |
Program mechanics: Annual cash retainer $60,000; Nominating & Governance member $7,500 and chair $15,000; annual director RSUs equal to $250,000 (60-day average price); options/RSUs accelerate upon change in control; directors may elect RSUs in lieu of cash and may defer RSU settlement .
Equity Ownership (Beneficial – as of 3/31/2025)
| Class | Shares Beneficially Owned | % Outstanding | Notes |
|---|---|---|---|
| Class A | 75,232 | <1% | As disclosed; includes RSUs/options within 60 days where applicable |
| Class B | — | — | No Class B ownership disclosed for Seibel |
| Options exercisable within 60 days (Class A) | 70,000 | — | Footnote confirms exercisability window |
| RSUs expected to vest/settle within 60 days | 5,232 | — | Proxy footnote references settleable RSUs |
Stock ownership guidelines: Minimum $300,000 value by 12/31/2029 for directors serving as of 3/20/2024; compliance status for Seibel not disclosed. Insider Trading Policy prohibits hedging/pledging—reduces misalignment risk .
Related-Party Exposure
- Proxy discloses sublease agreements and governance arrangements with Advance and Tencent voting agreements; no transactions specifically involving Seibel are disclosed in the “Certain Relationships and Related Party Transactions” section – .
- Audit Committee oversight explicitly covers related-party transactions .
Signals for Investors
- Positive: Independent status; governance committee seat; solid attendance; equity-alignment policies (ownership guidelines; no hedging/pledging) .
- Monitor: Controlled company governance rights retained by Advance; administrative late Section 16 filing; ongoing equity sales vs. guideline attainment – .